The airline company South African Airways is out of the creditor protection process, an agreement with a new shareholder being announced for the next few weeks. Her low cost Mango, which everything pointed to a halt in operations last weekend, continues to fly.
Now headed by interim CEO Thomas Kgokolo, its thirteenth manager in twelve years, the South African national carrier, based at the airport of Johannesburg-OR Tambo, etst according to its directors “both solvent and with liquidity”. SAA is deemed “sufficiently ready to continue in the future”, continue the directors, especially as its sole shareholder, the government, is about to conclude “in the coming weeks” an agreement on the sale of shares to a strategic partner. .
The two companies rescue practitioners (BRP) Siviwe Dongwana and Les Mathuson said in a press release that on April 30, 2021, they filed a “Notice of Substantial Implementation” of the SAA group rescue plan, de facto remitting the control of operations of South African Airways into the hands of its board of directors and officers, “with immediate effect”.
In detail, an “important part of the this “Which blocked the SAA was” compromised, and the balance thereof transferred to receivership, a vehicle specifically intended to ensure the payment of the debt over the next three years “: three years during which the amounts due to creditors and passengers with canceled tickets will be redistributed.
A statement from the Department of Public Enterprises (DPE) underlines for its part that the search for a new shareholder could be finalized “in the coming weeks”, which would bring the necessary capital “and technical and commercial expertise” to the company. Star Alliance in great difficulty. In the meantime, a “provisional business plan” is being drawn up,
The interim Board of South African Airways is now responsible for supervising the “strategic, financial and operational” management of the subsidiaries of SAA, South African Airways Technical (SAAT), Airchefs and Mango Airlines (JE, Johannesburg OR Tambo), and “to ensure their commercial sustainability”. These subsidiaries must be restructured and, in some cases, the arguments in favor of maintaining their existence must be evaluated, ”emphasizes the DPE, however.
Pinned to the ground on April 28 by the airport manager Airports Company South Africa (ACSA) for unpaid invoices, the low cost Mango was placed under administration from May 1 to July 31, and was able to settle part of its debt. She has resumed flights on Saturday, “With the exception of Zanzibar at this stage”, only one of its Boeing 737-800s being operated on May 1
Placed under administration since December 2019 (and already given for dead and then resuscitated, more particularly during the Covid-19 pandemic), South African Airways is in the red since 2011 and on a drip for years, subjected to endless political intervention. Last November, it was reduced to the auction of certain accessories, that of the Airbus A340 not meeting the hoped-for success. According to the rescue plan unveiled last summer, the “new South African Airways, restructured, competitive, created from the old” would be according to the government “the best option to get back into the air immediately” – and avoid liquidation .
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